Mumbai, September 1, 2025 – The Amanta Healthcare Ltd. IPO opened for subscription today, triggering intense attention from investors keen to compare its market debut with established peers Denis Chem Lab and Zydus Lifesciences. Here’s how the newcomer stacks up and what the early trading signals suggest.
Amanta Healthcare IPO: Early Momentum & Investor Interest
- IPO Details: A fresh issue of ₹126 crore with a price band of ₹120–₹126 per share
- Anchor Subscription: ₹37.8 crore raised at ₹126 per share from institutional investors.
- Day 1 Subscription: The public issue is oversubscribed by 3.2–4.6× across categories as of Monday.
- Grey Market Premium (GMP): Shares are trading at a 15–22% premium, indicating high listing expectations.
- Suggested Listing: Estimated debut price around ₹151 per share, assuming GMP materializes.
Peer Comparison: Amanta vs Denis Chem vs Zydus Lifesciences
| Parameters | Amanta (IPO Estimates) | Denis Chem Lab | Zydus Lifesciences |
|---|---|---|---|
| P/E Ratio | ~46× post-issue | ~16× | ~21× |
| P/S Ratio | ~1.78× | ~0.74× | ~4.21× |
| P/B Ratio | ~3.8× | ~1.5× | ~4.2× |
| Debt-to-Equity | ~2.0× | ~0.01× | ~0.13× |
| EBITDA Margin | ~22% | ~10.5% | 20–22% |
| PAT Margin | ~3.8% | ~6.6% | ~20% |
| Market Cap | ~₹489 crore (post-IPO) | ~₹135 crore | ~₹99,979 crore |
Highlights:
- Amanta Healthcare offers a high-growth valuation but lags in scale and profitability.
- Denis Chem provides more reasonable valuation multiples and stronger margins but operates at a smaller scale.
- Zydus Lifesciences, a diversified pharma giant, maintains deep-rooted scale and earnings leadership.
What’s Driving Investor Sentiment?
- Amanta’s Hype: The IPO is viewed as a high-growth, niche play in sterile injectables and medical devices, which is driving its premium valuation and robust subscription.
- Valuation Premium Justified? Brokerages like Anand Rathi and Minerva Capital maintain long-term subscribe ratings, citing Amanta’s manufacturing expertise and expansion plans.
- Grey Market Buzz: With GMP hovering between ₹25–₹26, Amanta’s potential listing gains are headlining headlines.
- Denis Chem & Zydus provide the stability backdrop—balanced valuations for Denis and powerhouse leadership for Zydus.
What Investors Should Watch
- Listing Outcome: A strong debut could validate the premium valuation; a flat or weak listing may signal caution.
- Margin Trends: If Amanta can deliver growth through pipeline expansion while managing margins, it could narrow the gap with peers.
- Valuation Sustainability: Continued high P/E multiples may depend on sustained growth and OCF expansion, particularly for Amanta.